Cohocton Wind Watch is a community citizen organization dedicated to preserve the public safety, property values, economic viability, environmental integrity and quality of life in Cohocton, NY and in surrounding townships. Neighbors committed to public service in order to achieve a reasonable vision for a Finger Lakes region worthy of future generations.

Thursday, December 15, 2011

First Wind, an independent U.S.-based wind energy company, today announced that Michele Beasley has joined the company as Senior Vice President and General Counsel. Ms. Beasley comes to First Wind with extensive experience in the development and financing of wind and other energy projects. In her role, she will oversee the company's legal affairs and manage its legal team.

"We are excited to have Michele join our executive management team, which will benefit from her talent and experience," said Michael Alvarez, President and CFO of First Wind. "Her expertise in the space is unparalleled and positions her perfectly to support our projects in operation and under development across the U.S. from the Northeast to the West and to Hawaii."

Ms. Beasley most recently served as Senior Counsel at Wells Fargo Bank in San Francisco and Boston, serving as senior legal counsel to the Securities Investment Group of its division of Wholesale Division, supporting a multi-billion high-yield investment portfolio and large street- and customer-facing sales and trading groups. She served on the Securities Investment Risk Management and Firewall Committees, and represented commercial real estate financing teams.

Prior to Wells Fargo, Ms. Beasley spent more than a decade working on all aspects of the development and financing of energy projects at Orrick, Herrington & Sutcliffe LLP and Chadbourne & Parke, including the structuring, negotiation, and documentation of equity investments, project contracts, and third-party limited- and non-recourse financing, and related real estate and governmental approvals work. She also served as staff counsel to the then-new Women's Rights Project of Human Rights Watch, under the Georgetown University Law Center's Women's Law and Public Policy Fellowship.

Ms. Beasley received her Bachelor of Arts from Smith College, and her Juris Doctor from Georgetown University Law Center. Ms. Beasley currently resides in Natick, MA.

1 Comments:

Anonymous said...

In light of the exposure MF Global, Does anyone here see a pattern?

Risk managementMain article: Risk managementBefore its fall, Enron was lauded for its sophisticated financial risk management tools.[47] Risk management was crucial to Enron not only because of its regulatory environment, but also because of its business plan. Enron established long-term fixed commitments which needed to be hedged to prepare for the inevitable fluctuation of future energy prices.[48] Enron's bankruptcy downfall was attributed to its reckless use of derivatives and special purpose entities. By hedging its risks with special purpose entities which it owned, Enron retained the risks associated with the transactions. This setup had Enron implementing hedges with itself.[49]Enron's aggressive accounting practices were not hidden from the board of directors, as later learned by a Senate subcommittee. The board was informed on the rationale for using the Whitewing, LJM, and Raptor transactions, and after approving them, received status updates on the entities' operations. Although not all of Enron's widespread improper accounting practices were revealed to the board, the practices were dependent on board decisions.[50] Even though Enron extensively relied on derivatives for its business, the company's Finance Committee and board did not have comprehensive backgrounds in derivatives to grasp what they were being told. The Senate subcommittee argued that had there been a detailed understanding of how the derivatives were organized, the board would have prevented their use.[51]

Special purpose entitiesMain article: Special purpose entityEnron used special purpose entities—limited partnerships or companies created to fulfill a temporary or specific purpose—to fund or manage risks associated with specific assets. The company elected to disclose minimal details on its use of special purpose entities.[25] These shell firms were created by a sponsor, but funded by independent equity investors and debt financing. For financial reporting purposes, a series of rules dictates whether a special purpose entity is a separate entity from the sponsor. In total, by 2001, Enron had used hundreds of special purpose entities to hide its debt.[22]The special purpose entities were used for more than just circumventing accounting conventions. As a result of one violation, Enron's balance sheet understated its liabilities and overstated its equity, and its earnings were overstated.[25] Enron disclosed to its shareholders that it had hedged downside risk in its own illiquid investments using special purpose entities. However, the investors were oblivious to the fact that the special purpose entities were actually using the company's own stock and financial guarantees to finance these hedges. This setup prevented Enron from being protected from the downside risk.[25] Notable examples of special purpose entities that Enron employed were JEDI, Chewco, Whitewing, and LJM...

source: Wikipedia: Enron Scandal.

Too bad Muckety does not present a full picture of First Wind/UPC et.al.

Risks of Industrial Wind Turbines is a group of citizens and organizations dedicated to preserve the public safety, property values, economic viability, environmental integrity and quality of life of residents and future generations.